ICYMI fintech funding round-up: Flatpay, Maza, Fennech & more
At FinTech Futures, we know that it can be easy to let funding announcements slip you by in this fast-paced industry. That’s why we put together our weekly In Case You Missed It (ICYMI) funding round-up for you to get the latest funding news.
Danish paytech Flatpay has secured €15 million in a Series A funding round, just eight months after it raised seed funding.
The round saw participation from both new and existing investors, with Seed Capital and angel investor Thomas Kvorning taking part. The company says the new funds will enable its expansion in Denmark and Finland, as well as its entry in Germany, as well as support product development.
Founded in 2022, Flatpay simplifies card payments for small and medium-sized businesses. It claims its pricing model eliminates hidden costs and fees, allowing for a “single, affordable rate” for all card types.
US fintech for immigrants, Maza, has secured $8 million in seed funding led by Andreessen Horowitz.
Maza raises $8m
The round also saw participation from SV Angel, Box Group, Restive Ventures, Global Founders Capital, and independent investors including Anre Williams, CEO of American Express National Bank, and William Hockey, co-founder of Plaid.
Founded in 2022 and based in Los Angeles, Maza offers a US tax presence for immigrants by giving them a US Tax ID and bank account, allowing them to receive payments from employers, file taxes, access credit, and build wealth. Customers without social security numbers (SSNs) can also develop a credit history to access loans.
To provide its features, Maza works directly with the IRS to obtain Individual Taxpayer Identification Numbers (ITINs) for its members. It offers a banking experience to consumers in partnership with Visa and Blue Ridge Bank.
Maza has been operating in stealth for over a year, claiming 50,000 active members on its platform.
UK-based corporate banking platform Fennech has raised £2 million in seed funding from Lloyds Banking Group.
Founded in 2017 and based in London, Fennech uses artificial intelligence (AI), machine learning and business rules with cloud-based technology, to automate finance, treasury, and payments processes in real-time for businesses. It offers customers a “single, seamless” platform that automates and manages their accounts, payments, funding and liquidity, across various banking partners.
“The funding will enable us to continue developing the best possible products and services with advanced technology and digitalisation,” says Emmanuel De Rességuier, CEO of Fennech.
Swiss treasury management fintech Delega has bagged £250,000 in a seed round led by Jenson Funding Partners.
Founded in 2020, Delega aims to fully digitise bank signatories management. Using its solution, treasurers can give banks access to the information needed to create, remove, and maintain digital signatory records. Corporates can access their own signatory records instantly and ensure compliance with their banks’ requirements.
The investment will be used to accelerate development of its multi-bank tool through the implementation of new features and integration with value-added services such as e-signature.
US-based cloud-native payments infrastructure company Gr4vy has received a “multi-million dollar” investment from W23, Woolworths Group’s venture capital arm (Australia and New Zealand’s largest retailer).
Gr4vy secures funding
Gr4vy previously raised $27.2 million in total funding and will use the recent raise to further its growth within Australia and the Asia Pacific (APAC) region.
Founded in 2020 and headquartered in San Mateo, California, Gr4vy is a cloud-based payments orchestration platform that simplifies building and managing payment ecosystems for merchants.
It allows businesses to access 100+ unique payment methods and anti-fraud providers worldwide through a simple integration, enabling them to scale their payments ecosystem and expand into new markets.
The funding expands on Gr4vy’s multi-year partnership with Woolworths Group, first announced in October 2022.
Pakistani embedded finance platform Neem has secured an undisclosed investment from DNI Group as part of a strategic partnership.
Founded in 2019, Neem’s financial infrastructure and Banking-as-a-Service (BaaS) capabilities enable digital platforms to provide embedded financial services to underserved customers.
With the strategic investment and partnership, both firms aim to develop products that advance financial wellness in the country, especially for underserved communities.
